Teck Resources (TSX: TECK.A, TECK.B; NYSE: TECK) has entered into an agreement with PolyMet Mining (TSX: POM; NYSE: PLM) to form the 50:50 joint venture New Range Copper Nickel to advance PolyMet’s NorthMet project and Teck’s Mesaba mineral deposit in northeast Minnesota.
Glencore (LSE: GLEN), which owns about 70% of Polymet, will retain its majority interest in the company and provide financial support to the joint venture. The two copper projects are located near each other in the Duluth complex.
“The NewRange Copper Nickel joint venture brings together two large, well defined mineral resources in the established Iron Range mining region of Minnesota,” Teck CEO Don Lindsay said in a press release. “This agreement will help unlock a new domestic supply of critical metals for the low-carbon transition through responsible mining.”
PolyMet CEO Jon Cherry described the venture as “extraordinary” and expects it to become one of the largest clean-energy mineral resources in the world.
“With both projects representing approximately half of the known resources of Minnesota's Duluth Complex…Minnesota emerges as a global leader…in developing strategic minerals to feed the North American supply chain for clean energy technologies,” Cherry said.